Issue  No.144
09 October 2017

This report is designed to give you a snapshot about the MENA region tackling multiple issues:


        55.23  USD         1,284  USD


  Economic Outlook
  • Egypt aims to raise its revenues from taxes imposed on tobacco by 7 BN EGP (397.50 MM USD) in the 2017/2018 fiscal year that began in July. Egypt has been increasing taxes and cutting subsidies to narrow its budget deficit as part of economic reforms tied to a 12 BN USD International Monetary Fund (IMF) program aimed at boosting the economy. 
  • Russia and Egypt have signed an MoU where the former will build a Russian industrial zone in Suez Canal area before the end of this year. The industrial zone will cover an area of 5 million square meters in the east of Port Said, with total investments worth above 7 BN USD.
  • Egypt non-oil private sector business activity shrank at its sharpest pace in three months in September amid contractions in new orders and outputs, but companies were optimistic that growth will pick up in the coming year.
  • Means of boosting relations between the UAE and Jordan in the fields of transport have been discussed between Matar Saif Al-Shamsi, UAE Ambassador to Jordan, and Jamil Ali Mujahed, Jordanian Minister of Transport.
  • According to a new amendment announced by the Royal Oman Police, an expatriate employee minimum salary for family joining visa is lowered to 300 OMR compared to the previous salary level of 600 OMR.
  • The decision to allow Saudi women to drive can save the Kingdom 20 BN SAR (5.3 BN USD) per year resulting from the saving of the huge salaries paid by Saudi families to expatriate drivers annually. Besides, there are recruitment, iqama and work permit fees that must be paid by the employer for a foreign worker.
  • The Saudi ministry of transport has completed several projects worth more than 4 BN SAR (1.07 BN USD) across different parts of the kingdom. The key projects finalized in 2017 include the construction of Salboukh Bridge that connects Northern and Western districts of Riyadh, as well as the final phase of the road that leads to the Omani borders and facilitates trade activity between both countries. 
  • Abu Dhabi sold its first ever 30-year sovereign bond as part of a 10 BN USD triple-tranche debt issue that drew heavy demand. The sale followed a 12.5 BN USD bond issue by Saudi Arabia - the largest emerging market bond sale in 2017 - and was the latest jumbo sovereign offering from Gulf states tapping the debt markets in a period of low oil prices. 
   Political Events
  • Police across Russia detained more than 100 opposition activists for taking part in a wave of protests in support of jailed opposition leader Alexei Navalny ahead of a presidential election in March.
  • United States and Turkey have suspended all non-immigrant visa services for travel between the two countries, after last week arrest of a US consulate employee in Istanbul. In addition, Turkey lira has plunged against USD due to the rising tensions between the U.S and its NATO ally.
  • Syrian rebels backed by Turkey are engaged in a "serious operation" in Idlib province according to Erdogan, as part of a joint mission with Russia and Iran to monitor a ceasefire agreement and pacify a rebel stronghold in northwest Syria.
  • Two Saudi royal guards were killed and three were injured by an attacker who opened fire at a checkpoint at the Al-Salam Palace in the coastal city of Jeddah.
  • While learning how to drive, a car accident lead to the death of a Saudi woman in the Red Sea city of Jeddah in the company of her husband who is injured. The accident took place when as the car smashed into a concrete block in Al Manar neighborhood.
  • President Donald Trump is planning to abandon the Iran nuclear deal shortly. If he fails to certify the accord, Congress will decide whether to re-impose economic sanctions on Iran. Trump has until 15th of October to decide.
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   Stock Market
  • .QSI banking sector has declined led by Qatar National Bank (QNB) and Masraf Al Rayan. In addition, telecommunication sector has declined led by Vodafone Qatar and real estate sector led by Ezdan.
  • .ADI telecommunication sector has increased led by Etisalat and real estate sector led by Eshraq Properties.
  • .DFMGI banking sector has increased led by Dubai Islamic Bank (DIB) and real estate sector led by DAMAC Properties.  
Note: Weekly values are calculated on Thursday of each week.
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Cairo Office:
Z epter Office Building  S5-6,  Area 5, District 1, 5th Settlement,  New Cairo, Egypt.  P.O. Box:  1147
Dubai Office:
Office No. N 415, North Tower, Emirates Financial Towers, DIFC, P.O Box 506726, Dubai, UAE.
Tel: +97143518187

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